Angry because Nissan dropped the price of the LEAF - refi?

[Sunnyleaf]

I got my LEAF over a year ago, and I recently met a new LEAF driver at a charging station where he told me he was paying 55% less a month for his lease than I do.

Disappointing. It's a big penalty to pay for being an early adopter.

Anyone else in my boat? And if so, anyone know of a possible remedy? I thought I'd go ask my dealership, guess it couldn't hurt.

 

[thankyouOB]

the monthly payment is not the only factor.
but i am a buyer not a leaser.

 

[garymelora]

I too pay more than double on my lease than what they are getting today. I was happy at the time not to pay a premium over MSRP.

This is why we leased. We knew that things could change, and they have. I am going to go talk to my dealer tonight to see if it makes sense to turn mine in for a new 2012. If it does not, then I will wait it out and get a 2013.

 

[smkettner]

Well be glad you leased as you can reset in maybe 18 months. Those of us that bought are committed to the entire amount.

The current price at $6,500 lower spread over 18 months would have put $361 gasoline into my truck and I could have had a 2012..... if I had waited.

I have enjoyed being among the first so no regrets.

 

[evnow]

Not angry. I see it as an opportunity.

Check with the dealer, you may be able to do an early return and lease a new Leaf for the lower price.

 

[edatoakrun]

Much of the current monthly lease payment reduction is due to current lower lease interest rates.

I expect Nissan will not allow you to renegotiate the lease terms. You can terminate the lease by buying your LEAF, but you probably will only want to exercise that option, if you expect to buy at the end of the lease anyway.

I terminated my lease and bought my LEAF last Spring, largely for these reasons.

 

[interplaydave]

I leased our Leaf in June, 2011 for $485 a month with a $2000 upfront payment. Love the car, and was feeling the same way recently (e.g. paying too much). Went to our dealer and negotiated a trade-in as follows: The deader bought/paid off the existing lease; I leased a new 2012 Leaf for zero down at $388 a month. The new Leaf comes with the same 39 month term starting from scratch essentially extending the least term by 16 month -- fine with me. Net savings of $100 per month comes to $2300 if you think in terms of the remaining original lease term (e.g 23 months left on the least). In addition, I received a $5,000 California rebate on the original Leaf and the folks at the CARB agreed to prorate the repayment on the old Leaf and provide me with a new rebate of $2500 on the new Leaf. $2900 prorate repayment less $2500 new rebate = $400 net cost to me. Total savings of the deal over 23 months = $1900. I feel better. ;-)

 

[Valdemar]

If I bought mine a year later I'd probably pay 2-3k less considering recent discounts on the 2012 model. But that is the amount I saved in gas payments over last year compared to the car Leaf replaced, not to mention maintenance and potential repair costs. So no regrets here. Did you consider your gas savings in the comparison?

 

[tps]

It always costs more in the beginning, that's expected. We should be celebrating the price drop because the LEAF's high price was a barrier to mass adoption.

 

[spike09]

Almost every new car on the market, ICE or EV, is going to cost more at the begining of the model year.

Had the 2013 LEAF been available the 2012 would be even cheaper. Just look at how low the prices for the 2012 Chevy Volt have dropped. Supply and demand, that is how Tesla is able to bump the price of the Model S up $2500!

 

[ksnogas2112]

It gets worse when you're a buyer and not a leaser. My monthly is $705 for 6 years.

Having said that, I love my Leaf and would purchase one again in a heartbeat but would probably lease.

The flipside on the cost is with the tax credit that's basically 1 year of payments I could put on the loan. Or new windows, new siding, part of kids' college.....

 

[spike09]

It gets worse when you're a buyer and not a leaser. My monthly is $705 for 6 years.

Having said that, I love my Leaf and would purchase one again in a heartbeat but would probably lease.

The flipside on the cost is with the tax credit that's basically 1 year of payments I could put on the loan. Or new windows, new siding, part of kids' college.....

Definitely worse as a buyer. I went to my dealer to see about switching to a lease. My payments would be much lower but the trade-in value would have cost me $5K upfront. I now understand what they mean when they say a new car loses value the minute the car is driven off the lot.

 

[Stanton]

I now understand what they mean when they say a new car loses value the minute the car is driven off the lot.

Yes, but you're supposed to keep it more than a couple of years
I see no reason why I won't be able to drive my Leaf at least as long as the warranty period (8 years), and that doesn't take into account the possibilities of buying a new/replacement battery pack.

 

[ksnogas2112]

I see no reason why I won't be able to drive my Leaf at least as long as the warranty period (8 years), and that doesn't take into account the possibilities of buying a new/replacement battery pack.

I agree. Plan is to keep it well past warranty period.

 

[gbshaun]

I got my LEAF over a year ago, and I recently met a new LEAF driver at a charging station where he told me he was paying 55% less a month for his lease than I do.

Disappointing. It's a big penalty to pay for being an early adopter.

Anyone else in my boat? And if so, anyone know of a possible remedy? I thought I'd go ask my dealership, guess it couldn't hurt.

The principle that was financed can't be changed, that was a figure agreed to at the outset, and with the usual risk that it would be higher or lower in future (unlikely to go higher on a car that many of us had just waited over year to get).
But if the interest rate is now lower, maybe your lease wording allows you to pay off the balance? (as most home loans do). If so, and if you can take out a loan from another source at a lower rate, that would effectively be refinancing and save you money.
Shaun

 

[Sunnyleaf]

Thanks for all the answers!

I'll be exploring the alternatives and I'll post an update.

Happy Holidays!

p.s. still love my Leaf

 

[cdub]

I got my LEAF over a year ago, and I recently met a new LEAF driver at a charging station where he told me he was paying 55% less a month for his lease than I do.

Disappointing. It's a big penalty to pay for being an early adopter.

Anyone else in my boat? And if so, anyone know of a possible remedy? I thought I'd go ask my dealership, guess it couldn't hurt.

No. Nissan DIDN'T lower the price of the car. They lowered the monthly payment of the FLEECE - I mean FLEASE or LEASE.

You pay a ton of interest to get that rate.

 

[chuckb]

I'm very happy with my Leaf Lease 1700 down and 162/month for 24 months.

 

[NYLEAF]

I'm very happy with my Leaf Lease 1700 down and 162/month for 24 months.

Well, of course you are. Not to sound bitter or anything, but those of us who leased before this summer are paying considerably more. For example, I put down $4000 (including all sales tax paid up front, as is required by law in NY) and I am paying $461.82/mo for 39 months for a 2012 SL. I traded in a car that I still owed money on, which did bring my payment up a bit. Had I not traded in, I believe I would only be paying around $425/mo.

It's frustrating that I could have just waited a few months, gotten the same exact car on a lease that is more than a year shorter (which is a positive, since I could then get into a new car sooner) and be paying hundreds less per months with less money down.

That being said, I don't expect Nissan to do anything to lower my payments or help me in any way. It would be nice if they offered some sort of additional Lease cash on the 2013's for those who are already leasing a 2011 or 2012. That way we could trade the cars in and get a new one.

 

[willk55]

Pen Fed Credit Union is offering 60 month refinance @ 1.49%. Anyone can join if they contribute $20 to one of two organizations that support families of military.

https://www.penfed.org/HomePage.aspx?adcode=308&cmpid=search-google-general-308-CRGB1&gclid=CLiB3r2RlLQCFYl7QgodXygABg" onclick="window.open(this.href);return false;